Having just come from a 2004 E46 M3 vert I would definitely recommend it over the Z4. It will be faster and come with all the M components (brakes, suspension, etc) that you won't find in the Z4. I do agree with you that the E46 felt a little "dated" on the interior, however it still dwarfs the quality of interiors of most other vehicles in the same price range. What is your max budget?

Wow -- if you can get an '04 M3 at that price I'd definitely say do it! Just be mindful of the high maintenance costs on these cars when they're older/out-of-warranty. My E46 kept me at the dealership pretty often... at $3000 a pop. However if you do all your own work, it can be substantially cheaper.

m3 all the way. the fun levels aren't comparable let alone the cars themselves aren't comparable. a clean enough e46 m3 looks waaaaay more current than a z4 will look. there's a reason why they say the e46 has a timeless look

m3 all the way. the fun levels aren't comparable let alone the cars themselves aren't comparable. a clean enough e46 m3 looks waaaaay more current than a z4 will look. there's a reason why they say the e46 has a timeless look

An E46 M3 is nowhere even close to an E86 M in terms of current look. The E46 M3 will look dated. I owned both and in terms of looking current the E86 M is way ahead of the E46.